Teljia released its mid-year report that revenue and net profit fell in the first half of 2012. Due to the poor performance, the company’s former director and the first major shareholder, Ling Zhaowei, continued to reduce their holdings and resigned. The stock price of the company continued to fall. At the close of July 31, 2012, Telga's share price hit a new low for three-and-a-half years, and the company’s equity incentive plan had to be terminated. In addition, Terjia's IPO investment funds have been put into use, but its progress has been lower than planned, and even one of the fundraising projects that has progressed less than 60% has been announced, and subsequent self-owned funds will no longer continue to invest.
Rising income costs rise
On July 28th, T-Clar disclosed that in the first half of 2012, operating income was RMB 103.96 million, a year-on-year decrease of 9.52%; operating profit was RMB 11.987 million, a year-on-year decrease of 37.16%, and net profit attributable to the parent company was realized. 12,974,000 yuan, a year-on-year decrease of 25.2%.
Due to the continuing downturn in the domestic passenger car industry and the significant slowdown in the growth rate of the industry, the performance of Telgar has been poor since 2011. According to the data of Wind, the year-on-year growth rates of Terga's operating income in various quarters in 2011 were 15.24%, 15.14%, 15.24%, and -2.10%, respectively, and there was even a negative growth in the last quarter; since 2012, the downward trend has remained In the continuation, the year-on-year growth rate of operating income in the first quarter was -22.99%. Although the revenue in the second quarter improved, there was a year-on-year increase of 0.38%, but it still cannot change the year-on-year decline in revenue in the first half of 2012. .
At the same time when sales are unfavorable, Terjia also faces rising labor costs and raw material costs. In the first half of 2012, sales revenue and management expenses increased 20.93% and 29.71% year-on-year, due to the decline in operating income. In recent years, the problem of rising raw material costs has also plagued Teljia. According to the data of Wind Information, the gross profit margins of Telaga's 2009, 2010, and 2011 annual reports were 40.39%, 36.81%, and 33.33%, respectively; In the first half of the year, it improved slightly to 34.99%, but it has still not escaped the shadow of rising costs.
The result of the decline in sales and rising costs is a substantial drop in profits. In the first half of 2012, Terga achieved an operating profit of RMB 11.987 million, a year-on-year decrease of 37.16%, and realized a net profit attributable to the parent company of RMB 12,974,400, a year-on-year decrease of 25.2%.
The stock price fell 50.84% ​​a year and the stock incentives could not be canceled
The performance of Tejia has been poor, but after the company’s former director and the first major shareholder Ling Zhaowei continued to reduce holdings after the stock was lifted, and then resigned at the end of 2011, it is difficult for investors to maintain confidence in this stock, and the company The stock price has also been falling for nearly a year.
According to the data of Wind, as of the close of July 31, 2012, Terjia has fallen for 5 consecutive days, closing at 6.69 yuan, the lowest level in three and a half years. If we calculate the opening price of 13.66 yuan on August 1, 2011, considering its 2011 dividend of 0.05 yuan per share, the stock price of its recovery power will drop as high as 50.84% ​​per year.
Tega had also launched a restricted stock incentive plan in July 2011. However, due to the sharp decline in stock prices, Teljia said that “the stock price in the secondary market has fallen below the company’s first restricted stock incentive plan exercise price. It is impossible to effectively motivate the company's incentive targets and the implementation of the equity incentive plan has lost its significance." So Terjia decided to terminate the "Restricted Stock Incentive Plan (Draft)" after the board of directors on July 26, 2012.
Although Teljia claimed that the termination of the restricted stock incentive plan did not affect the company, the fact that the stock price fell too much and had to terminate the equity incentive plan would undoubtedly have a significant impact on investors’ confidence. Further affect the company's stock price.
Funding investment has been completed. Project progress is lower than planned.
On the same day as the Terga semi-annual report, there was also a “Tanghai Securities Co., Ltd. Verification Opinion on the Use of Raised Capital of Shenzhen Terjia Technology Co., Ltd.â€. According to the opinion, as of July 11, 2012, the fund raised by the Terjia IPO has been fully invested, and the special account for raised funds was processed on July 12th.
The date when both fundraising projects were originally scheduled to be ready for use was December 31, 2011. As of July 2012, the investment progress of the “Eddy Current Retarder Project†was 95.76%, and the investment plan was basically completed. However, the investment progress of the “Electrical Vehicle Technology Research and Development Center†project was only 59.76%, far lower than the original plan. .
According to the statistics, the “Automobile Technology Research and Development Center†project has not yet entered the formal sales stage and has not produced any benefits. However, Terjia has announced that its subsequent self-owned funds will no longer continue to invest.
Prior to this, Terjia had made adjustments to the planned investment for the two fundraising projects in 2009, which reduced the total amount of investment in the raised investment projects by 3,625.08 million yuan, and the raised funds for this change use were specially Erga is used to supplement company liquidity.
In response to the above issues, China Capital Securities Network has called Telgar to make a public phone call. The staff member said that the secretary secretaries are out and can't reply at the moment.
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